HONG KONG ¨C A Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group, a move likely to send ripples through China¡¯s crumbling financial markets as policymakers scramble to contain a deepening crisis.
Justice Linda Chan decided to liquidate the world¡¯s most indebted developer, with more than $300 billion of total liabilities, after noting Evergrande had been unable to offer a concrete restructuring plan more than two years after defaulting on a bond repayment and after several court hearings.
¡°It is time for the court to say enough is enough,¡± said Chan, who will give her detailed reasoning later on Monday.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.